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Southwest Airlines Co. LUV received encouraging tidings on the labor front when the airline announced that its Flight Simulator Technicians, represented by the International Brotherhood of Teamsters Local 19, voted in favor of their new contract.
Following the ratification, the airline’s Flight Simulator Technicians will be eligible for higher pay. Apart from the introduction of a new Simulation Engineer classification, the ratified contract offers maternity and parental leave for eligible employees. This contract will be amendable in September 2028.
The airline employs more than 50 Flight Simulator Technicians who maintain and support the company’s flight training equipment. With this result, the airline has finalized all of its labor contracts. Since October 2022, each of the 12 union-represented workgroups, representing about 83% of Southwest Employees, has ratified new contracts.
As U.S. airlines grapple with the labor shortage, the bargaining power of various labor groups has risen due to a robust recovery in air travel demand following the pandemic's lows. This heightened bargaining power has led to numerous labor agreements in the airline industry recently.
LUV’s Stock Price Performance
LUV is currently encountering several headwinds, ranging from high costs to escalated debt. As a result, the stock has declined 1.6% over the past year compared to its industry’s 31.3% uptick.
The ratification of the deal with Flight Simulator Technicians represents a positive development for the stock, reflecting its labor-friendly approach. Satisfied labor groups lead to greater operational efficiency.
LUV’s Zacks Rank
Southwest Airlines currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 61% in the past year.
Zacks Investment Research
AZUL’s AZUL financial stability is challenged by escalated operating expenses and weak liquidity. Elevated labor costs are putting a strain on the company’s bottom line, making it an unattractive choice for investors’ portfolios.
Let’s delve deeper.
AZUL: Risks to Watch
Southward Earnings Estimate Revision:The Zacks Consensus Estimate for current-quarter earnings has been revised 70% downward in the past 60 days. For the current year, the consensus mark for earnings has moved 35% south in the same time frame. The unfavorable estimate revisions indicate brokers’ lack of confidence in the stock.
Weak Zacks Rank: AZUL currently carries a Zacks Rank #4 (Sell).
Unimpressive Price Performance: AZUL shares have declined 57.3% in the past year against the industry’s 31.3% rise.
Bearish Industry Rank: The industry to which AZUL belongs currently has a Zacks Industry Rank of 186 (out of 251). Such an unfavorable rank places it in the bottom 26% of Zacks Industries.Studies show that 50% of a stock price movement is directly related to the performance of the industry group it belongs to.
A mediocre stock within a strong group is likely to outclass a robust stock in a weak industry. Reckoning the industry’s performance becomes imperative.
High Costs: The northward movement in operating expenses is hurting AZUL’sbottom line, challenging its financial stability. The surge in operating expenses was caused by increased labor costs. In the second quarter of 2024, total operating expenses rose by 1.5% compared to the second-quarter 2023 actuals.
Labor costs comprising salaries and benefits, accounting for 17.6% of the total operating expenses, rose 15.4% year over year.
The adverse impact of the Rio Grande do Sul floods and the temporary reduction in international capacity, which fell 8% year over year, continue to affect AZUL’s operations. As a result, the top line fell 2.3% year over year.
AZUL exited the second quarter of 2024 with a current ratio (a measure of liquidity) of 0.28. A current ratio of less than 1 is not desirable as it indicates that the company does not have sufficient cash to meet its short-term obligations.
Downgraded Credit Rating: Due to weaker-than-expected first-half 2024 results and lackluster liquidity, the rating agency S&P downgraded its global scale issuer credit rating on AZUL to “CCC+” from “B-” and the national scale rating to “brBB-” from “brBBB-.”
The rating agency’s negative outlook on AZUL reflects that ratings may be lowered further in the next six to 12 months if the Brazilian carrier’s cash flow generation and ability to access long-term financing weaken. The rating agency forecasts AZUL’s free operating cash flow deficits after lease payments of about R$1.6 billion this year and 2025.
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 61% in the past year.
Zacks Investment Research
Shares of Pittsburgh, PA-based company Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation (WAB), have been benefiting from its consistent shareholder-friendly initiatives, as well as strength across its Freight and Transit segments. Bullish full-year 2024 earnings guidance looks encouraging and raises optimism about the stock.
The positive sentiment surrounding WAB stock is evident from the fact that the Zacks Consensus Estimate for the third quarter and full-year 2024 earnings has been revised upward in the past 60 days. The Zacks Consensus Estimate for third-quarter and full-year 2024 earnings per share (EPS) indicates growth of 9.4% and 26% from the respective 2023 figures.
The company’s long-term (three-to-five years) earnings growth rate is 16.1%, higher than its industry’s 13.4%.
Let’s delve deeper.
Solid Financial Returns for Shareholders
Highlighting its pro-investor stance, Wabtec (on Feb. 14, 2024) announced a 17.6% dividend increase, thereby raising its quarterly cash dividend from 17 cents per share to 20 cents. This quarterly dividend of 20 cents (80 cents annualized) per share gives Wabtec a 0.47% yield at the current stock price. This company’s payout ratio is 11%, with a five-year dividend growth rate of 12.34%.
Westinghouse Air Brake Technologies Corporation Dividend Yield (TTM)
Westinghouse Air Brake Technologies Corporation dividend-yield-ttm | Westinghouse Air Brake Technologies Corporation Quote
Wabtec’s bottom line has been benefiting from its consistent efforts to reward its shareholders through dividends and share buybacks. In 2022, WAB paid dividends of $111 million and repurchased shares worth $473 million. In 2023, WAB paid dividends of $123 million and repurchased shares worth $409 million. During the first six months of 2024, WAB paid dividends of $71 million and repurchased shares worth $375 million. Such shareholder-friendly moves instill investors’ confidence and positively impact the company’s bottom line.
Dividend-paying stocks provide a solid income stream and have fewer chances of experiencing wild price swings. Dividend stocks, like WAB, are safe bets for creating wealth, as the payouts generally act as a hedge against economic uncertainty like the current scenario.
Segmental Strength Boosts WAB’s Top Line
Wabtec’s top line has been benefiting from higher sales across its Freight and Transit segments. While the Freight segment benefits from growth in services and components, the transit segment gains from strong aftermarket and original equipment manufacturing sales.
WAB is expected to continue its strong performance due to strong underlying demand and a robust backlog.The ongoing summer season is expected to provide a further boost to revenues. The Zacks Consensus Estimate for WAB’s third-quarter and fourth-quarter 2024 revenues is pegged at $2.64 billion and $2.61 billion, which indicates an improvement of 3.6% and 3.2% from 2023’s actuals, respectively.
Driven by this encouraging backdrop, management raised its current-year EPS guidance. Wabtec raised 2024 EPS guidance to the range of $7.20-$7.50 from $7.00-$7.40 guided previously. The Zacks Consensus Estimate of $7.46 lies within the updated guided range.
Wabtec’s full-year revenue guidance remains unchanged in the $10.25 billion-$10.55 billion band. The Zacks Consensus Estimate of $10.39 billion lies within the guided range.
WAB’s Price Performance Soars High
Wabtec has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 11.83%. Driven by this upbeat earnings performance and the positives mentioned above, WAB shares have gained 37.2% so far this year, outperforming its industry as well as the S&P 500, of which the company is a key member.
Additionally, WAB’s price performance so far this year compares favorably with that of other industry players like Ryder Corporation (R) and Air Lease Corporation (AL).
YTD Price Performance
Some Other Tailwinds Working in Favor of WAB Stock
We are impressed with WAB’s healthy balance sheet. The company’s cash and equivalents increased to $595 million at the end of second-quarter 2024 from $371 million at the end of second-quarter 2023. Meanwhile, the long-term debt level has decreased to $3.5 billion at the end of second-quarter 2024 from $3.4 billion in the second quarter of 2023.
Long-Term Debt to Capitalization
Wrapping Up
Given the positives surrounding the WAB stock, as highlighted throughout the write-up, we believe that investors should add WAB stock to their portfolio for healthy returns. The Zacks Rank #2 (Buy) carried by the stock supports our thesis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
By Allison Lampert, Rajesh Kumar Singh and Svea Herbst-Bayliss
CHICAGO, Sept 17 (Reuters) - Activist investor Elliott Investment Management told one of Southwest Airlines' LUV.N top unions it still wants to replace CEO Robert Jordan, according to a union memo seen by Reuters, even after the carrier pledged to shake up its board.
Elliott, which owns 10% of Southwest's common shares, met with the Aircraft Mechanics Fraternal Association on Sept. 12, the memo to members said. The union represents about 3,000 mechanics at the Dallas-based airline.
"Its vision of a Southwest turnaround is one where Robert Jordan does not remain as CEO," the memo said. The union also said the hedge fund wants Gary Kelly, who is executive chairman, to leave sooner than his planned departure date.
The meeting took place two days after Southwest said six directors would step down in November and Kelly would retire next year, but that it remained committed to Jordan. The board revamp was announced after the carrier and hedge fund met last week.
The hedge fund now owns enough Southwest stock to call a special meeting and take the next steps to shake up the board and management. In August, Elliott identified 10 director candidates it could nominate to the 15-member board.
Other Southwest investors have met with Elliott and some of the hedge fund's director candidates in the last few days. At these meetings, the hedge fund underscored its desire to replace Jordan and get an earlier departure for Kelly, an investor familiar with the meetings said. Jordan succeeded Kelly as CEO in 2022.
Elliott has pushed hard for the replacement of Jordan and Kelly, blaming them for the airline's struggles. It wants the carrier to be more competitive in the industry and has been holding meetings with unions to boost support for its campaign.
In the meeting with the mechanics union, the hedge fund insisted that Jordan be replaced, the memo said. It also advocated the departure of other top executives, it added.
Elliott declined to comment. Last week, it called the planned board changes "unprecedented" and praised the board for "beginning to recognize the degree of change that will be required at Southwest."
Southwest did not immediately respond to a request for comments.
The airline last week said it would appoint four new independent directors in the near future and would potentially include up to three candidates proposed by Elliott.
However, the company expressed confidence in Jordan, saying there was "no better leader" to successfully execute its strategy to "evolve the airline and enhance sustainable shareholder value."
Southwest has been struggling to find its footing after the pandemic, in part due to Boeing's BA.N aircraft delivery delays and industrywide overcapacity in the domestic market.
It plans to offer assigned and extra-legroom seats to attract premium travelers, and start overnight flights. It will present details to investors on Sept. 26.
The mechanics union said Elliott noted the proposed board overhaul was not part of a negotiated deal but rather announced by the airline and presented to the hedge fund.
Jordan told staff last week that the Sept. 9 meeting with the hedge fund was "productive." He said the company looked forward to continuing to work with Elliott toward a "collaborative resolution" in the near future.
"Southwest has a great plan," Jordan said, adding the board and corporate governance changes would help the company return to "the high level of financial performance that we - and our shareholders - expect."
The mechanics union said Elliott has hired consulting firm Gephardt Group to investigate Southwest's recent approach to labor relations.
Southwest has also been trying to rally its workers and investors.
(Reporting by Rajesh Kumar Singh in Chicago, Allison Lampert in Montreal and Svea Herbst-Bayliss in New YorkEditing by Matthew Lewis)
(( rajeshkumar.singh@thomsonreuters.com ; +1-313-484-5370; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net /))
Keywords: SOUTHWEST-ELLIOTT/ (EXCLUSIVE, PIX)
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